Vesting

(1) Every pension plan shall provide for the full vesting of accrued pension benefits in each of its members within a period which does not exceed five years after the commencement of membership. (2) Notwithstanding sub-section (1), the accrued pension benefits of a member of a pension plan which is in existence on the commencement date shall be fully vested on the date determined in accordance with the plan provisions or on the fifth anniversary of the commencement date, whichever is earlier. (3) Repealed. (4) A member shall be fully vested upon the winding- up of the plan. (5) Amounts that have been forfeited upon termination prior to vesting may be used to– (a) offset employer contributions; (b) offset member contributions; (c) pay plan expenses; (d) increase member benefits; or (e) some combination of options (a), (b), (c), and (d).